bulk annuity
Marathon Service scheme agrees £610m full buy-in with Rothesay Life
The Marathon Service (GB) Limited Pension and Life Assurance Scheme has completed a £610m full buy-in with Rothesay Life, covering the benefits of more than 1,400 members.
Just Group completes £460m of de-risking deals in H1
Just Group completed £460.3m of bulk annuity deals in the six months to 30 June, its half-year results have revealed.
Littlewoods scheme completes £930m buy-in with Rothesay Life
The Littlewoods Pensions Scheme has completed a buy-in covering just under £930m of around 6,500 members’ benefits with Rothesay Life, the majority of which relate to deferred members.
Phoenix reports small profit hike as bulk annuities top £1bn
Phoenix Group has reported a £36m increase in group operating profit in the first six months of this year, as well as strong cash generation of £433m.
Aviva profits dented by Covid-19 but bulk annuities offset fall
Aviva’s operating profit fell by 11% in the first half of the year as Covid-19 hit business activity, although a growth in bulk annuity sales partially offset the drop.
LV= converts longevity swap into £800m buy-in with Phoenix Life
The LV= Employee Pension Scheme has agreed a buy-in of around £800m with Phoenix Life after converting an existing longevity swap.
Bulk annuities help sponsors outperform peers on share prices
Sponsors whose pension schemes complete buy-ins or buyouts tend to outperform their peers by between 0.25% and 3% on average, Mercer research finds.
Bulk annuity 'end of year sale' possible as total volumes expected to halve
Covid-19 has caused a slowdown in the number of bulk annuity transactions, with buy-ins and buyouts expected to amount to a maximum of £25bn this year, Willis Towers Watson says.
How the GHG scheme learned from one crisis to complete a buy-in during another
Twelve years after its funding level was hit severely by the global financial crisis, the GHG pension scheme completed a £150m buy-in amid the Covid-19 economic chaos. James Phillips speaks to the key players about the journey.
L&G agrees £650m buy-in with 3i scheme
The 3i Group Pension Plan has agreed a £650m buy-in with Legal & General (L&G), insuring the remaining benefits within the scheme.
L&G announces bulk annuities with UK and US schemes
Legal & General has agreed two bulk annuity deals worth £116.2m with UK- and US-based IHS Markit schemes.
Co-op agrees £350m buy-in with Aviva
The Co-operative Pension Scheme (Pace) has entered into its fourth bulk annuity transaction of 2020, agreeing a £350m buy-in with Aviva.
Agreeing bulk annuities in a crisis
After a bumper year, insurers are now facing a slower and smaller pipeline as schemes grapple with Covid-19, writes James Phillips.
Leonardo Electronics completes £160m buy-in with Just
The Leonardo Electronic Pension Scheme has concluded a £160m pensioner buy-in with Just Group in the scheme’s first risk transfer exercise.
Bulk annuity volumes still to hit £25bn this year
Around £25bn of buy-ins and buyouts are set to be transacted this year despite the Covid-19 challenges, according to Lane Clark & Peacock (LCP).
Castings enters into buy-in contract with Aviva
Castings has agreed a £72m buy-in contract for its two defined benefit pension schemes with Aviva.
Market volatility making bulk annuities more affordable
The fall in pricing of credit assets due to Covid-19 has made bulk annuities more affordable for schemes with significant gilt holdings, according to XPS Pensions.
PIC boosts financial investments by £10bn in 2019
The Pension Insurance Corporation (PIC) boosted its financial investments last year by nearly £10bn to £40.9bn, up from £31.4bn the year prior, according to its full-year results.
Aviva reports 55% rise in bulk annuity purchase volumes
Aviva’s bulk purchase annuity volumes increased 55% to £4bn in the year to 31 December 2019 its full year results reveal.
Scottish Widows completes £2bn de-risking deals in 2019
Scottish Widows completed five bulk annuity transactions in 2019, with liabilities insured exceeding £2bn.
Rothesay Life agrees £255m full buy-in with ESAB scheme
The ESAB Group (UK) Limited Pension & Life Assurance Scheme has purchased a £255m full buy-in with Rothesay Life, covering benefits for all 900 members of the scheme.
Bulk annuity market to 'top £0.5trn in 2020s'
The value of UK bulk annuity deals is set to quadruple in the 2020s when compared to this decade, Mercer has predicted.
National Grid agrees £1.6bn buy-in with L&G in second deal this year
The National Grid UK Pension Scheme has agreed its second buy-in this year, transferring £1.6bn of pension risk to Legal & General (L&G).
Insurers are letting down small DB schemes
Without specialist help, smaller DB schemes are being left behind in a bulk annuity market increasingly focused on mega-deals, says Rob Dales.
